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Four years ago Israeli businessman, Freddi Robinson, prematurely sold his stock in online gambling software company, Playtech, and was unable to reap the rewards of the original investment. Now, that same businessman has returned to open his own online casino gambling operation that will operate in a number of Central and Eastern European countries. Robinson’s company, Miloumor, was a shareholder in Playtech’s controlling shareholder, NAV New Age Investments Ltd about four years ago, but Robinson, like the controlling shareholders in Shrem Fudim Kelner & Co., and Gibor Sport Holdings Ltd., did not believe in Teddy Sagi’s vision of Playtech and, instead, sold his stock. At that time, Robinson held a five percent stake in NAV but he sold it to Sagi for, what in hindsight, was a measly sum of 3.9 million shekels. Had Robinson held onto those shares instead of selling them he would now own thirty million dollars worth of shares in Playtech today. According to the Israeli business publication, Globes, Playtech, which develops software for operating and managing online websites, will be completing its IPO on the London Stock Exchange in approximately two weeks. The expected company value for the IPO is set at $900-980 million. It is further expected that company shareholders, led by Sagi, will sell $240 million worth of shares with another $60 million going to the company. 68 percent of Playtech is owned by NAV, which is controlled by Sagi, which means that he can expect to rake in between $160 and $165 million from the IPO. Robinson was probably prompted by the success of Playtech and other online gambling companies to give the online gambling business another attempt. He is currently a shareholder in the Loutraki Casino in Greece, considered a very successful investment for Miloumor. This week, Miloumor Trade and Communication Ltd., a subsidiary of Miloumor, announced that it had a signed a memorandum of understanding with a software company registered in Limossol, Cyprus. The agreement between Milomour’s subsidiary and the software company, PlayAlyOver, establishes an arrangement whereby the two companies would set up a company to operate an Internet gambling website. The Cypriot-based PlayAlyOver, a largely unknown software company, will develop the gambling websites and the cellular applications for the business. Posted on: March 15, 2006
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